Shareholders of Milwaukee-based Capital Commerce Bancorp Inc. approved a merger agreement with First-Citizens Bank & Trust Company of Raleigh, N.C.
The banks announced in a Thursday news release that First Citizens would acquire Capital Commerce and its Securant Bank & Trust subsidiary, a move that is expected to take effect in the fourth quarter.
Securant branch offices will initially operate as Securant Bank, a division of First Citizens Bank, according to the release. Customers will be able to bank as they normally do at their existing branches. Securant’s customer accounts will later be converted to First Citizens Bank’s systems and operations.
“We sincerely appreciate our shareholders’ positive vote and now look forward to the final step, which is the completion of the transaction,” David Davis, president and chief executive officer of Capital Commerce Bancorp, said in the release. “We’re happy to have partnered with a company that shares a similar heritage of century-long banking and a commitment to customer service.”
Read more in the Milwaukee Business Journal.